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Freddie Mac has announced the creation of a new home renovation loan program called the CHOICERenovation Mortgage. This product is replacing Freddie Mac’s previous Renovation Mortgage and is very similar to Fannie Mae’s HomeStyle Renovation and the FHA’s 203k loan. It offers many benefits to borrowers looking to make updates to their properties.
How Does It Work?
The CHOICERenovation Mortgage breaks from its predecessor by eliminating the need for Interim Construction Finance and allows borrowers to take out one loan at closing to pay for both the home purchase an...